Falling in love can be wonderful. With our heads in the clouds, we sit back and ruminate on our blissful fortune—sometimes temporarily losing track of time, cares, and even our friends. What we shouldn’t lose in love, however, is our jobs. And what’s one of the fastest ways to get downsized? That would be defrauding a company on an expense report.
Second only to payroll, travel and entertainment (T&E) spending comprises the largest expense for companies. How much is intentional and accidental T&E expense fraud costing your company?
Saving time and money is no easy feat when it comes to auditing your company’s expense reports. Join us to learn from industry experts how companies of all sizes are conquering the last mile of effective T&E expense management by leveraging new technologies, such as Artificial Intelligence (AI).
T&E Expenses Matter: Establishing the Visibility & Control your Company Deserves
Wednesday, July 26, 2017
10:00 am PT / 1:00 pm ET
Blame it on sticky fingers, late nights, or month end deadlines. Employee misconduct can sometimes just be an honest mistake. Yes, there are instances when the misconduct is intentional, and it happens again, and again, and again...until it becomes headline worthy.
But the typical instance of accidental expense fraud isn't so clear cut
When you’re sifting through hundreds of receipts and come across a questionable one - how can you confidently confirm it’s fraudulent? What gives it away?
Long gone are the days of picking up blank receipts from a cabbie. With the advent of technology, fabricating receipts has never been easier.
A recent 2016 report shows an astonishing 37% of companies still rely on managing their T&E with paper and Excel. Many of these companies may not realize they’re relying on the same manual expense review and sample testing procedures they used a decade ago. What you’re left with are loopholes that can put a company at great risk, both financial and reputational, due to a reluctance to change.
Your long awaited family camping trip comes around. You've just earned a weekend away from Excel after closing the month-end books. Only a handful of errands are left between you and roasting s’mores at the campsite - just pick up a first aid kit and some batteries. You turn on the ignition and the 'check engine' light comes on. Gasp! There’s a sinking feeling in the pit of your stomach.
The timing is terrible. (Isn’t it always?) We’ve all been there. You may not have realized it, but a business expense management program is just like auto maintenance --
Donnis Mizelle was a pillar of the local community in Avon, IN. As CEO of Hendricks Power, Donnis was in a high-profile position and was well known throughout the community, serving on several local boards and committees.
In August the illusion came to an end. Mizelle was convicted of embezzling over $500,000 from the company over a six-year period. He now faces up to 20 years imprisonment for his crimes.